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Moving with stunning quickness to ease the pain of a Steve Nash snub, the Raptors reached an agreement in principle Thursday to acquire Lowry from the Houston Rockets as soon as the NBA’s moratorium on player movement is lifted July 11.

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And the cost was minimal.

The Raptors will give up a lightly protected first-round pick once over the next five years along with seldom-used swingman Gary Forbes for Lowry, a 26-year-old point guard who will be entering his seventh NBA season this fall.

The 6-foot Lowry averaged 14.3 points and 6.6 assists with Rockets last season, missing the last quarter of the season with an infection.

He publicly said after the season that he didn’t think he could co-exist with Rockets coach Kevin McHale after one season of trying to work together, a move that have hastened the Rockets’ pursuit of a trade.

But league sources say Lowry has matured greatly over the course of his career and that sometimes his competitive nature causes him to lash out.

A dogged defender with the ability to get to the rim on offence, he would seemingly fit into what coach Casey is trying to instill in the Raptors lineup.

Lowry does have a bit of a connection with the Raptors.

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A native of Philadelphia who went to university at Villanova in the same city, he has followed the same career arc as former Raptors guard Alvin Williams.

Lowry and Williams remain close and the friendship will undoubtedly easy Lowry’s transition to the Toronto franchise.

No one connected with the Raptors could officially comment — or even acknowledge — the transaction.

But it has been no secret that Lowry has been on Toronto’s radar for some time and there were unconfirmed reports the Raptors tried to pry Lowry away from the Rockets on draft night late last month.

Not only did they not make that transaction — allowing them to keep the No. 8 selection they used on swingman Terrence Ross — they got Lowry anyway at what might be a bargain-basement price.

The move also puts the brakes on what had been a disappointing few weeks for a Raptors franchise trying to re-establish relevancy in the NBA’s Eastern Conference after missing the playoffs for four straight seasons.

They finished the regular season with a 22-43 record in an abbreviated season that saw them lose their best player, Andrea Bagnani, to an injury that cost him more than half the regular season.

They were unable to get any luck in the draft lottery, remaining at No. 8, and then watched as their three most coveted picks were chosen in the top seven, leaving them with the fallback choice of Ross when no viable trade option presented itself.

Then, armed with boatloads of free-agency cash, they made a very blatant move to entice Canadian icon Nash to Toronto, only to be rebuffed when Nash chose to join the Los Angeles Lakers.

It had all the earmarks of a disastrous start to the free-agency period until Colangelo was able to make good on his vow to find a way to improve the roster with the Lowry trade.

It’s unclear what the move means for either incumbent starter Jose Calderon or backup Jerryd Bayless.

The Raptors don’t necessarily have to use the amnesty clause on Calderon to get the money to assume Lowry’s contract. There are other options and the league’s final cap and tax numbers won’t be known until July 10, and they would be a contrasting duo at starter and backup. Bayless has a one-year qualifying offer of just over $4 million from Toronto as a restricted free agent but has yet to attract any public interest on the free-agent market.

But barring any other trades, the Raptors will have to free up some cap space via amnesty if they are going to continue their pursuit of a small forward.

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